Issue Date: February 23, 2009
Dow To Slash Top Exec Bonuses
Dow Chemical CEO Andrew N. Liveris and top executives reporting directly to him will not receive cash performance bonuses for 2008. The move follows a dividend cut, a fourth-quarter loss of $574 million, and the delayed acquisition of Rohm and Haas. The company says the move is a "prudent and appropriate alignment with leadership accountability for overall results." Although the firm isn't disclosing how much the bonuses would have been, it awarded some $6.6 million in cash bonuses for executive officers in 2008. Other Dow employees will receive performance awards because the company met cost-cutting and other goals.
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